Court Confirms Ruling Against Ripple Accessing Sensitive Data from SEC Staff
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Magistrate Judge Sarah Netburn has confirmed her ruling in the ongoing U.S. Securities and Exchange Commission vs. Ripple Labs case, noting that the SEC does not have to provide private information of its employees, like emails. The judge stated that:
“The SEC need not produce informal intra-agency communications, such as emails, and such communications need not be searched or logged.”
This ruling comes after the regulatory agency faulted the judge’s recent ruling, which gave Ripple access to the personal information and communication materials of its staff.
In its recent letter to the court, the Commission complained that the company was requesting “random and irrelevant” communications that extended past the court’s ruling, accusing Ripple of harassment. One particular email request from Ripple that the SEC found inappropriate was the email request of former SEC Chair Jay Clayton. The agency noted that:
“There is no basis to believe that SEC employees used personal email accounts or devices to express agency interpretations or views on Bitcoin, ether, or XRP to the market.”
Meanwhile, judge Netburn also ruled that the regulatory agency should provide formal position papers and internal memos that describe Bitcoin, Ethereum, and XRP, which could thwart the regulator’s case against Ripple.
The SEC has also gotten mandated to reveal its external communications with foreign regulators and market players.
That said, judge Netburn has not finalized her ruling on whether or not the SEC can send MoU requests to foreign regulators.
Key XRP Levels to Watch — May 7
Ripple reached a three-week high above $1.7500 in the early hours on Thursday. However, bears immediately swung into action, driving the price to the $1.6000 level. After another attempt towards the $1.7500 resistance, the fifth-largest cryptocurrency dipped sharply to the $1.5000 low.
XRP is now trading below the ascending tripwire as bulls struggle to regain momentum above the $1.6000 resistance. A prolonged stay below the $1.6000 level could open the doors to $1.5000 over the coming hours.
Meanwhile, our resistance levels are $1.6000, $1.6500, and $1.7000, and our support levels are $1.5500, $1.5000, and $1.4500.
Total Market Capitalization: $2.37 trillion
Ripple Market Capitalization: $71.8 billion
Ripple Dominance: 3%
Market Rank: #5
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